22:00 GMT16 January 2021
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    The bailout deal Greece clinched with the EU on Monday will not avert the disastrous impact a “disunited” Europe may have on Athens, the European Commissions’ ex-President Romano Prodi warned on Monday.

    Romano Prodi, who once served as Italy’s Prime Minister, said that the last-minute agreement reached in Brussels Monday morning “averted the worst scenario but did not solve the problem itself.”

    “The agreement happens, just as I predicted… The biggest problem for Greece is a Europe devoid of leadership, initiative and solidarity,” Prodi wrote in a comment, posted on the website of the Milan-based Institute for International Political Studies (ISPI).

    “Greece is bankrupt and today’s Europe, if it does not change, will have no future ahead of it,” Romano Prodi emphasized.

    Greece and its international creditors reached an agreement after long negotiations over the past weekend. The cash-strapped Mediterranean nation will now receive a €95-billion bailout over the next three years in exchange for quite harsh economic reforms.

    However, the deal didn't come as easily for Greece. German Finance Minister Wolfgang Schaeuble proposed that as much as €50-billion of Greek public assets must be transferred to an external fund and privatized over time.

    Essentially, this means Greece must hand over its public assets worth €50-billion to the German-government owned fund –something many interpret as impinging on the country’s sovereignty.

    Related:

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    Germany "Saves" the Euro by Humiliating Greece
    Tags:
    European Union, bailout program, warning, danger, Institute for International Political Studies, European Commission, Romano Prodi, Italy
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